Contact Center as a Service (CCaaS) Market

Contact Center As A Service (CCaaS) Market Size, Share, Growth Analysis, By Function(Interactive Voice Response (IVR), Automatic Call Distribution), By Enterprise Size(Small & Medium Enterprises, Large Enterprises), By Industry(BFSI, IT & Telecommunications) - Industry Forecast 2024-2031


Report ID: SQMIG45F2039 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 97 | Figures: 76

Contact Center As A Service (CCaaS) Market Insights

Global Contact Center As A Service (CCaaS) Market size was valued at USD 4.4 Billion in 2022 and is poised to grow from USD 5.14 Billion in 2023 to USD 17.80 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

The increased use of cutting-edge contact centre technology to improve company continuity and expedite customer interactions and boost customer satisfaction is responsible for the market growth. Additionally, throughout the course of the forecast period, demand for the contact centre as a service (CCaaS) market is anticipated to increase due to the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies in contact centre solutions.

To improve user flexibility and operational functionality, many players are creating cloud contact centres. For instance, ServiceNow announced the introduction of the Amazon Connect Integration with Cloud Call Center in April 2020. This cloud contact centre solution provides staff members with greater IT support features. Comprehend and Transcribe, Lex, and ServiceNow's IT workflow are all natively integrated with AWS's natural language AI technology through Amazon Connect's interface with Cloud Call Center.

To improve accuracy and fulfil the evolving expectations of customers, various businesses are concentrating on offering cloud contact centre solutions powered by artificial intelligence. For instance, in October 2021, Automation Anywhere, Inc., a provider of automation technology, announced the introduction of Automation Anywhere for Contact Centers, a cloud-native, AI-driven solution that enables companies to offer quicker customer support. Agents can deliver speedier services thanks to Automation Anywhere for Contact Centers, which makes it easier for them to identify, update, and carry out client transactions rapidly.

Businesses who do not promptly reply to emails from clients risk losing those customers. Consequently, it is now crucial for businesses to provide a superior consumer experience across all channels. A superior customer experience supports the complete customer journey more effectively, from the initial point of contact through developing a devoted following. Customer experience is a crucial component of customer relationship management (CRM) and is significant since happy customers are more likely to stick around and recommend the company to others. By establishing the contact centre as a service solution, businesses can reduce maintenance service fees and hardware installation costs. Additionally, there are no costs associated with purchasing IT services and components when using cloud-based contact centre software. Cloud-based services also aid in lowering power usage and downtime. Additionally, they may be provided on a subscription basis, enabling businesses to choose the model that best suits their needs and saving money. The use of cloud-based contact centres by businesses with limited resources encourages small and medium-sized businesses to use these technologies. However, the fact that contact centres hold sensitive client data, including payment card details and health information, is projected to impede industry expansion.

US Contact Center As A Service Market is poised to grow at a sustainable CAGR for the next forcast year.

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Global Contact Center As A Service (CCaaS) Market size was valued at USD 4.4 Billion in 2022 and is poised to grow from USD 5.14 Billion in 2023 to USD 17.80 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

The market's competitive landscape is highly fragmented and marked by the presence of a large number of players. Vendors are focusing on providing fully scalable, flexible CCaaS offerings via monthly subscription to enable quick deployment of new functions, channels, and features while effectively delivering a lower Total Cost of Ownership (TCO). Furthermore, Contact Center as a Service (CCaaS) Market participants are focusing on providing better agent assistance solutions and services. 'Genesys (US)', 'Avaya (US)', 'Five9 (US)', 'Talkdesk (US)', 'NICE inContact', 'Cisco Systems', 'Amazon Web Services (AWS)', 'Twilio', 'Vonage', 'RingCentral', '8x8', 'Zendesk', 'Mitel Networks Corporation', 'Alcatel-Lucent Enterprise', 'Serenova', 'Aspect Software', 'Unify', 'Connect First', 'Sharpen Technologies', 'LivePerson'

The increased adoption of AI-powered chatbots and cloud-based software as services has fueled the growth of the contact center as a service (CCaaS) market. The rising number of major companies launching application programming interface (API)-based contact center solutions are driving the market growth during the forecast period. Organizations can use the API-based contact center service to provide online customer service by handling phone calls, live chat, emails, messages, texts, SMS, and support tickets. Several major players are launching API-based customer experience contact centers, which is driving the Contact Center as a Service (CCaaS) Market growth.

Telecom companies are thriving to be innovative and maximize their revenues by implementing the right tools at the right time to improve customer service uptime and harness massive customer data for actionable insights. These companies also must manage terabytes of data about customer interests, requests, and complaints, which are stored in silos and dispersed throughout the organization. Thus, telecom companies are looking for a data-driven advanced automated solution to achieve accurate real-time insights through data mining and analytics for faster and easier processing of user data as well as interactions with agents.

During the forecast period, North America is expected to dominate the global contact center as a services market. The growing investment in cloud-based software, as well as several key players based in the United States, have fueled the Contact Center as a Service (CCaaS) Market growth. Several contact centers provide services in the United States, including 8x8, Inc., Genesys Telecommunication Laboratories, Inc., Talkdesk, Inc., and many others. This increases the demand in this region for contact centers as a service.

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